Veeva Systems Inc. (VEEV) Rating Reiterated by Evercore ISI
Veeva Systems Inc. (NYSE:VEEV)‘s stock had its “buy” rating reaffirmed by equities researchers at Evercore ISI in a research note issued on Saturday. They presently have a $47.00 target price on the stock, up from their previous target price of $45.00. Evercore ISI’s price target points to a potential upside of 1.58% from the stock’s current price.
Several other equities analysts have also weighed in on VEEV. Morgan Stanley reissued a “buy” rating and issued a $44.00 target price on shares of Veeva Systems in a research note on Tuesday, August 16th. Citigroup Inc. raised their price target on Veeva Systems from $31.00 to $40.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 23rd. Raymond James Financial Inc. assumed coverage on Veeva Systems in a research report on Wednesday, August 24th. They set a “market perform” rating on the stock. Canaccord Genuity reaffirmed a “hold” rating and set a $43.00 price target (up previously from $35.00) on shares of Veeva Systems in a research report on Monday, August 29th. Finally, Needham & Company LLC raised their price target on Veeva Systems from $38.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, August 31st. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $43.57.
Shares of Veeva Systems (NYSE:VEEV) opened at 46.27 on Friday. The firm has a market capitalization of $6.30 billion, a price-to-earnings ratio of 125.05 and a beta of 1.60. Veeva Systems has a 12-month low of $19.97 and a 12-month high of $46.70. The company has a 50-day moving average price of $39.47 and a 200 day moving average price of $37.23.
Veeva Systems (NYSE:VEEV) last released its earnings results on Tuesday, November 22nd. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.06. Veeva Systems had a return on equity of 12.84% and a net margin of 12.73%. The firm had revenue of $142.80 million for the quarter, compared to analyst estimates of $135.67 million. During the same quarter in the prior year, the firm posted $0.12 earnings per share. The company’s quarterly revenue was up 33.6% on a year-over-year basis. Equities research analysts expect that Veeva Systems will post $0.63 earnings per share for the current fiscal year.
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In other news, Director Ronald E. F. Codd sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $41.00, for a total value of $123,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Matthew J. Wallach sold 84,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 28th. The shares were sold at an average price of $41.47, for a total value of $3,483,480.00. Following the completion of the sale, the president now directly owns 42,000 shares of the company’s stock, valued at $1,741,740. The disclosure for this sale can be found here. 19.17% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in VEEV. Envestnet Asset Management Inc. boosted its stake in Veeva Systems by 48.6% in the first quarter. Envestnet Asset Management Inc. now owns 46,029 shares of the company’s stock worth $1,153,000 after buying an additional 15,050 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Veeva Systems during the first quarter worth about $982,000. First Republic Investment Management Inc. boosted its stake in Veeva Systems by 54.0% in the first quarter. First Republic Investment Management Inc. now owns 43,730 shares of the company’s stock worth $1,095,000 after buying an additional 15,335 shares during the last quarter. IBM Retirement Fund acquired a new stake in Veeva Systems during the second quarter worth about $331,000. Finally, Pembroke Management LTD acquired a new stake in Veeva Systems during the second quarter worth about $6,714,000. 71.12% of the stock is owned by institutional investors.
About Veeva Systems
Veeva Systems Inc (Veeva) is a provider of cloud-based software solutions for the global life sciences industry. The Company offers solutions for a range of requirements within life sciences companies, including multichannel customer relationship management, regulated content and information management, master data management and customer data.
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